Employment gains really haven't come from full-time workers. They're coming primarily from part-time, temporary help, ... Businesses are still trying to maintain flexibility by not hiring more expensive, full-time workers. That might be one of the reasons why we're seeing an increase in continued claims.
More Quotes from Sung Sohn:
If there were a bubble in California and if it were to burst, that would be a national economic catastrophe.Sung Sohn
Both consumer and business confidence is depressed because of uncertainty surrounding the war, ... If we can somehow bring closure to the war situation, I would expect confidence to improve dramatically, taking with it the economy and the stock market.
Sung Sohn
Greenspan has to make sure the labor market has improved on a continuing basis before he can even think about hiking interest rates. For example, in 1992, he waited 17 months after the peak of the unemployment rate before hiking interest rates.
Sung Sohn
If you want to really help the economy right away, the fastest way to do that is to have the government spend the money itself, ... The next step would be to give tax cuts to low- and middle-income people, who are more likely to spend the money.
Sung Sohn
The jobless rate is the best indicator of monetary policy, ... The Fed keeps cutting rates as long as the jobless rate goes up. This time around is really no exception.
Sung Sohn
Unless the labor market gains some steam and momentum, both real income and confidence of consumers would be hurt.
Sung Sohn
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